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 Post subject: February 25th Wednesday Trade Results - Profit $120.00
PostPosted: Thu Feb 26, 2015 2:14 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
022515-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+120.00.png
022515-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+120.00.png [ 30.03 KiB | Viewed 284 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $120.00 dollars or +1.20 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $120.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=140&t=2013

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=257&t=2664

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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click on the above image to view today's price action of key markets


4:15 pm: [BRIEFING.COM] The stock market ended the midweek session on a flat note after spending the trading day in a narrow range. The S&P 500 shed 0.1% while the Nasdaq (-0.02%) registered its first loss since February 9.

Once again, today's session featured below-average activity with only 688 million shares changing hands at the NYSE floor, which was the lowest total registered so far this week.

Equity indices faced some selling pressure at the start with the top-weighted technology sector (-0.7%) responsible for the early weakness. Specifically, Hewlett-Packard (HPQ 34.67, -3.82) pressured the sector after reporting uninspiring results for the quarter. The Dow component plunged 9.9% after its one-cent beat was overshadowed by a 4.7% year-over-year decline in revenue and below-consensus guidance.

Despite the opening weakness, the market was able to reclaim its early loss by midday, but renewed selling in the tech sector sent equity indices to fresh lows during the afternoon. The largest stock by weight-Apple (AAPL 128.73, -3.44)-fell 2.6% to lead the afternoon pullback. Despite today's loss, Apple remains higher by 9.9% since the end of January.

Meanwhile, the remaining cyclical sectors finished closer to their flat lines. Industrials (-0.1%) and materials (-0.3%) settled in the red while energy (+0.4%), financials (+0.1%), and consumer discretionary (+0.8%) outperformed.

The energy sector eked out a modest gain while crude oil spiked 3.6% to $51.01/bbl even though today's Energy Information Administration's storage report showed a larger than expected inventory build of 8.427 million barrels (consensus 4.2 million). WTI crude notched a session low under $49.00/bbl after the inventory report before climbing to a fresh high.

For its part, the discretionary sector received solid support from momentum names like Amazon.com (AMZN 385.37, +6.78), Netflix (NFLX 478.33, +3.45), and Priceline (PCLN 1250.86, +31.07) while homebuilders lagged despite a better than expected New Home Sales report. The iShares Dow Jones US Home Construction ETF (ITB 27.76, -0.39) lost 1.4%.

On the flip side, the industrial sector settled just ahead of the broader market, but transport stock lagged with the Dow Jones Transportation Average sliding 0.5%.

Countercyclical sectors ended in mixed fashion with the utilities space (-1.6%) widening its February decline to 6.2%.

Treasuries settled near their highs after climbing off their intraday lows with the 10-yr yield slipping two basis points to 1.96%. The Treasury market showed little reaction to Fed Chair Yellen's testimony in front of the House Financial Services Committee, which struck a similar tone to remarks made yesterday before the Senate Banking Committee.

Economic data was limited to New Home Sales and MBA Mortgage Index:
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New home sales fell 0.2% in January to 481,000 from an upwardly revised 482,000 (from 481,000) while the Briefing.com consensus expected a drop to 470,000
For most of 2014, home sales hovered near 430,000 and showed little volatility. Over the last two months, however, sales have broken out of their doldrums.
The move correlates with improvements in the NAHB Home Builders Index, which showed increasing strength in both current and expected sales. It also comes during a time when the average conventional mortgage rate fell below 4.00%
The weekly MBA Mortgage Index fell 3.5% to follow last week's 13.2% plunge

Tomorrow, weekly Initial Claims (Briefing.com consensus 290K), January CPI (consensus -0.6%), and Durable Orders for January (expected 1.7%) will be reported at 8:30 ET while the December FHFA Housing Price Index will be released at 9:00 ET.

Nasdaq Composite +4.9% YTD
S&P 500 +2.7% YTD
Russell 2000 +2.5% YTD
Dow Jones Industrial Average +2.3% YTD

3:40 pm: [BRIEFING.COM]

Apr crude oil futures rallied for most of the day
The initial reaction in oil prices was lower following the weekly EIA data
However, this was short-lived and crude oil began to rally
By the end of pit trading, Apr crude was up $1.75 at $51.01/barrel
Apr natural gave up gains today and finished $0.04 lower at $2.85/MMBtu
Metals ended the day higher today
Apr gold rose $4.20 to $1201.50/oz, while Mar silver rose $0.24 to $16.43/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session.

We mentioned in our previous update that the Nasdaq Composite was on track to register its 12th gain in a row, but that streak may be in jeopardy considering the tech-heavy index has returned into the red with its top-weighted component-Apple (AAPL 128.89, -3.28)-responsible for the recent swoon.

Shares of Apple trade lower by 2.7%, which has caused the stock to surrender this week's gain. However, the largest stock by weight remains higher by 10.1% in February versus a 7.0% spike for the Nasdaq Composite and a 5.9% rally for the S&P 500.

2:25 pm: [BRIEFING.COM] The major averages continue holding modest gains with the Nasdaq Composite (+0.2%) on track for its 12th consecutive advance.

The tech-heavy index is on course to extend its winning streak on the back of biotech names with the iShares Nasdaq Biotechnology ETF (IBB 339.88, +4.73) trading higher by 1.4%. Meanwhile, the technology sector (-0.3%) remains among the laggards with large cap names like Apple (AAPL 130.16, -2.01), Microsoft (MSFT 43.96, -0.14), Intel (INTC 34.10, -0.30), and Hewlett-Packard (HPQ 34.79, -3.70) down between 0.3% and 9.6%.

The technology sector is the only cyclical group trading in the red while the discretionary sector has extended its advance to 1.0%.

1:55 pm: [BRIEFING.COM] Equity indices sit near their best levels of the session.

It's been a long time, but finally an economic data point easily topped expectations.

New home sales fell 0.2% in January to 481,000 from an upwardly revised 482,000 (from 481,000) in December. The Briefing.com Consensus expected home sales to fall to 470,000.

For most of 2014, home sales showed hovered around 430,000 and showed little volatility. Over the last two months, however, sales have broken out of their doldrums.

The move correlates with the improvements in the NAHB Home Builders Index, which showed increasing strength in both current and expected sales. It also comes during a time when the average conventional mortgage rate fell below 4.00%.

1:30 pm: [BRIEFING.COM] The major U.S. indices have have held their small gains since our last update as volume remains notably weak.

WTI Crude (+1.48% to $50.01/bbl) works towards new session highs ahead of the close of pit trading despite the earlier EIA report which showed an inventory build of 8.43 mln barrels vs. expectations for a build of approximately 4.2 mln barrels.

In equities, the iShares NASDAQ Biotech Index (IBB 340.68, +5.53) has seen notable strength in recent trade after Bloomberg reported that drugmaker Pharmacyclics (PCYC 221.77, +33.32) is weighing a potential sale and with potential suitors including Johnson & Johnson (JNJ 100.45, -0.25) and Novartis (NVS 102.61, -0.04).

At the top of the hour, the $35 bln 5-year note auction drew a high yield of 1.480%. The auction was met with somewhat tepid demand (bid-to-cover ratio 2.54 vs. prior 12-auction average of 2.71); however, indirect interest was pretty strong accounting for 60% of accepted offers vs. the prior 12-auction average of 53%.

12:55 pm: [BRIEFING.COM] The major averages are little changed at midday with the S&P 500 trading just above its flat line while the Nasdaq Composite (+0.2%) trades a little ahead.

Equity indices began the day under modest pressure, but the S&P 500 has been able to reclaim its early three-point loss two hours after the start of the session. The technology sector (-0.3%) fueled the opening weakness, but another cyclical group-consumer discretionary (+0.8%)-has helped the market return to unchanged.

The top-weighted tech sector remains among the laggards with Dow component Hewlett-Packard (HPQ 34.92, -3.57) trading lower by 9.3% following its uninspiring earnings report. The company reported a one-cent beat on a 4.7% year-over-year decline in revenue and issued below-consensus guidance. Meanwhile, chipmakers have not fared much better than the sector, evidenced by a 0.4% decline in the PHLX Semiconductor Index.

Outside of technology, the materials sector (-0.1%) is the only other decliner on the cyclical side while financials (+0.2%) and consumer discretionary (+0.8%) outperform.

The discretionary sector has received broad support from just about every industry group except for homebuilders. The iShares Dow Jones US Home Construction ETF (ITB 27.84, -0.31) is lower by 1.1% following yesterday's 2.4% spike. Homebuilders have not been able to rally even though today's New Home Sales report surpassed estimates.

Over on the countercyclical side, the utilities sector (-0.9%) is the weakest performer while consumer staples (-0.1%) and telecom services (-0.1%) sport slim losses. For its part, the health care sector hovers just above its flat line while biotechnology outperforms with the iShares Nasdaq Biotechnology ETF (IBB 340.03, +4.88) higher by 1.5%.

Treasuries hover near their lows with the 10-yr yield higher by a basis point at 1.99%, but despite that slight move, the bond market has all but ignored Janet Yellen's testimony before the House Financial Services Committee.

Economic data was limited to New Home Sales and MBA Mortgage Index:

New home sales fell 0.2% in January to 481,000 from an upwardly revised 482,000 (from 481,000) while the Briefing.com consensus expected a drop to 470,000
For most of 2014, home sales hovered near 430,000 and showed little volatility. Over the last two months, however, sales have broken out of their doldrums.
The move correlates with improvements in the NAHB Home Builders Index, which showed increasing strength in both current and expected sales. It also comes during a time when the average conventional mortgage rate fell below 4.00%
The weekly MBA Mortgage Index fell 3.5% to follow last week's 13.2% plunge.

12:25 pm: [BRIEFING.COM] Equity indices continue hovering near their flat lines after erasing their slim opening losses. So far today, the S&P 500 has bounced around a five-point range with the consumer discretionary sector (+0.7%) trading well ahead of other groups.

Elsewhere, the energy sector is higher by 0.2% while crude oil has climbed 1.3% to $49.94/bbl even though today's Energy Information Administration's storage report showed a larger than expected inventory build of 8.427 million barrels (consensus 4.2 million). WTI crude notched a session low under $49.00/bbl after the inventory report before climbing to a fresh high.

Meanwhile, the other commodity-related sector-materials (-0.1%)-remains in negative territory. Steelmakers have contributed to the underperformance with Market Vectors Steel ETF (SLX 34.51, -0.10) lower by 0.3%.

11:55 am: [BRIEFING.COM] Recent action saw the S&P 500 return to its flat line while the Nasdaq Composite has extended its advance to 0.1%.

In large part, the continued climb off opening lows has been fueled by the consumer discretionary sector, which is now higher by 0.6%. Retail stocks were a bit reluctant in the early going, but the SPDR S&P Retail ETF (XRT 98.73, +0.44) trades up 0.5%, which puts the group right behind the sector.

Interestingly, homebuilders have not been able to rally following today's better than expected New Home Sales report for January. The iShares Dow Jones US Home Construction ETF (ITB 27.97, -0.18) is lower by 0.7% after spiking 2.4% yesterday.

Elsewhere among cyclical sectors, energy (+0.2%), financials (+0.2%), and industrials (+0.1%) have returned into positive territory while the technology sector (-0.3%) remains pressured.

11:25 am: [BRIEFING.COM] Not much change in the major averages with the S&P 500 hovering just two points below its flat line.

Although the benchmark index has not moved since our most recent update, a couple of sectors that held slim gains have dipped into the red, leaving only the discretionary space (+0.5%) in the green.

Meanwhile on the downside, only utilities (-1.1%) and technology (-0.4%) show losses larger than 0.2% apiece with the tech sector pressured by continued weakness in Hewlett-Packard (HPQ 34.69, -3.80). The Dow component has widened its loss to 9.9% after reporting uninspiring quarterly results last evening.

Elsewhere, Treasuries continue hovering near their flat lines with the 10-yr yield at 1.98%.

10:55 am: [BRIEFING.COM] The major averages remain inside narrow ranges with the S&P 500 (-0.1%) back to its opening level while the Nasdaq Composite (+0.1%) has climbed above its flat line.

Even though the S&P 500 has climbed off its early low, only four sectors continue holding gains and the consumer discretionary space (+0.5%) is the only group showing a gain larger than 0.1%. The sector has received support from several momentum names like Amazon.com (AMZN 384.09, +5.50), Netflix (NFLX 478.41, +3.53), and Priceline (PCLN 1232.09, +12.30) with the three up between 0.8% and 1.5%.

On the flip side, the utilities sector (-1.0%) sits at the bottom of the leaderboard while the technology sector (-0.3%) is the weakest group on the cyclical side.

10:40 am: [BRIEFING.COM]

Oil prices are trading lower today and slid even further following weekly inventory data
Following the EIA storage data, which showed a larger-than-expected build, Apr crude oil fell as low as $48.43/barrel
Apr crude is now -0.3% at $49.15/barrel
Nat gas is strong this morning. Apr contract is now +1.8% at $2.94/MMBtu
Modest weakness in the dollar index is giving a little help to the metals space this morning
Apr gold is currently +0.7% at $1205.10/oz, while Mar silver is +1.9% at $16.49/oz
Mar copper is -0.3% at $2.64/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.1%.

New home sales in January hit an annualized rate of 481,000, which was down from the revised December rate of 482,000 (from 481,000), but better than the rate of 470,000 that had been broadly expected by the Briefing.com consensus.

9:40 am: [BRIEFING.COM] As expected, the major averages began the trading day with slim losses. The S&P 500 hovers two points below its flat line with four sectors trading in the red.

Most notably, the top-weighted technology sector (-0.4%) is the weakest performer in the early going with Hewlett-Packard (HPQ 35.20, -3.30) trading lower by 8.6% after the company issued below consensus guidance. Meanwhile, the remaining cyclical sectors hold gains while the four countercyclical groups hover in the red.

The utilities sector (-0.3%) trails the remaining countercyclical groups while health care (-0.3%) has not fared much better.

Treasuries remain little changed with the 10-yr yield at 1.98%.

The New Home Sales report for January (Briefing.com consensus 471K) will be released at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -7.30. The stock market is on track for a slightly lower open as futures on the S&P 500 trade one point below fair value. Once again, index futures have stuck to narrow ranges during overnight action, notching their pre-market lows within the past two hours.

Fed Chair Janet Yellen appeared before the Senate Banking Committee yesterday and she will continue her congressional testimony with an appearance in front of the House Financial Services Committee today.

On the corporate front, Hewlett-Packard (HPQ 36.00, -2.49) is on track to open lower by 6.5% after reporting a one-cent beat on a 4.7% year-over-year decline in revenue and issuing below-consensus guidance. On the flip side, Lowe's (LOW 75.80, +1.15) trades up 1.5% in reaction to better than expected earnings and upbeat guidance.

Treasuries are little changed with the 10-yr yield at 1.98%.

The New Home Sales report for January (Briefing.com consensus 471K) will be released at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -7.80. The S&P 500 futures trade one point below fair value.

Asian markets were all back in business on Wednesday after many had been closed for an extended period to celebrate the Lunar New Year. The action produced only modest gains or losses for Asian markets. China's Shanghai Composite (-0.6%) was among the biggest decliners, failing to advance despite a stronger than expected flash HSBC PMI reading for February.

In economic data:
China's HSBC Manufacturing PMI rose to 50.1 from 49.7 (expected 49.5)
Hong Kong's Q4 GDP rose 0.4% quarter-over-quarter (expected 0.9%; previous 1.4%) while the year-over-year reading increased 2.2% (consensus 1.6%; prior 2.7%)
Australia's Construction Work Done fell 0.2% quarter-over-quarter (expected -1.2%; previous -2.8%) while Q4 Wage Price Index rose 0.6% quarter-over-quarter (expected 0.6%; prior 0.6%)

------

Japan's Nikkei declined 0.1%, ending a five-session winning streak that had seen the Nikkei gain 3.3%. A weak showing from the industrial (-1.0%) sector held things back, along with weakness in the consumer cyclical (-0.4%) and communications (-0.4%) spaces. Central Japan Railway (-3.7%) was the biggest decliner while Nippon Paper Industries (+4.8%) led all gainers.
Hong Kong's Hang Seng added 0.1% following the Q4 GDP report. A strong showing from the utilities sector (+1.3%) and modest gains for the financial sector (+0.2%) helped keep the index in positive territory despite a 3.3% drop in the consumer cyclical sector. Sands China (-5.8%) and Galaxy Entertainment (-5.1%) were the main drag on the consumer cyclical sector as they felt the brunt of reports that Macau is planning to limit the number of mainland tourists coming to Macau.
China's Shanghai Composite declined 0.6% in its first day of trading following the extended closure to celebrate the Chinese New Year. That drop occurred despite a better than expected flash HSBC PMI report for February. A weak financial sector (-2.4%) acted as a drag. The biggest individual decliner was metals and mining company Zhejiang Huayou Cobalt Co., which dropped 10.0%.

Major European indices trade lower across the board with Italy's MIB (-0.7%) showing the largest decline. Elsewhere, Germany is expected to vote on the four-month loan extension for Greece tomorrow, but some members within Chancellor Merkel's coalition have voiced concerns over the proposal's perceived leniency.

Economic data was limited:
UK's BBA Mortgage Approvals came in at 36,400 (expected 36,200; previous 35,800)
French Consumer Confidence ticked up to 92 from 90 (expected 91)
Spain's PPI fell 2.8% year-over-year (previous -3.7%)

------

Germany's DAX is lower by 0.2% with major financials on the defensive. Commerzbank and Deutsche Bank hold respective losses of 1.5% and 1.0%. Utilities outperform for the second consecutive day with E.On and RWE both up near 2.2%.
In France, the CAC is lower by 0.2% with bank shares also showing weakness. BNP Paribas, Credit Agricole, and Societe Generale are down between 0.9% and 1.6%. Defense contractor Safran outperforms, trading higher by 4.0% following better than expected results.
UK's FTSE has given up 0.4% with engineering company Weir Group leading the slide. The stock has given up 9.9% after forecasting a large drop in revenue in 2015. Energy-related names also lag with BG Group and Tullow Oil both down near 0.6%.
Italy's MIB trades down 0.7% with financials UBI Banca, BMPS, Banca di Milano Scarl, and Unicredit showing losses between 1.6% and 2.6%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: -6.00. U.S. equity futures continue holding slim losses as the quiet pre-market action continues.

Following her appearance before the Senate Banking Committee yesterday, Fed Chair Janet Yellen will address the House Financial Services Committee today. Ms. Yellen's prepared remarks are not expected to differ from those delivered yesterday, but the line of questioning at today's testimony could differ somewhat.

Treasuries have maintained their gains from yesterday with the 10-yr note inching higher this morning to pressure its yield one basis point to 1.97%. Meanwhile, the Dollar Index (94.33, -0.16) is lower by 0.2%.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -6.30. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover one point below fair value after slipping to pre-market lows in recent action. However, the overnight session has been fairly quiet with S&P futures trading within a four-point range.

On the economic front, the weekly MBA Mortgage Index fell 3.5% to follow last week's 13.2% plunge. The New Home Sales report for January (Briefing.com consensus 471K) will be released at 10:00 ET.

Treasuries trade little changed with the 10-yr yield pegged at 1.98%.

In U.S. corporate news of note:

Chesapeake Energy (CHK 19.26, -0.62): -3.1% after missing bottom-line estimates on better than expected revenue.
Dollar Tree (DLTR 77.00, -0.47): -0.6% after cautious guidance overshadowed its bottom-line beat.
First Solar (FSLR 56.27, +1.57): +2.9% after beating estimates and guiding below analyst expectations.
Hewlett-Packard (HPQ 36.20, -2.29): -6.0% after reporting a one-cent beat on a 4.7% year-over-year decline in revenue and issuing below-consensus guidance.
Lowe's (LOW 76.37, +1.72): +2.3% in reaction to better than expected earnings and upbeat guidance.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng +0.1%, Japan's Nikkei -0.1%, and China's Shanghai Composite -0.6%
In economic data:
China's HSBC Manufacturing PMI rose to 50.1 from 49.7 (expected 49.5)
Hong Kong's Q4 GDP rose 0.4% quarter-over-quarter (expected 0.9%; previous 1.4%) while the year-over-year reading increased 2.2% (consensus 1.6%; prior 2.7%)
Australia's Construction Work Done fell 0.2% quarter-over-quarter (expected -1.2%; previous -2.8%)
In news:
Even though China's HSBC Manufacturing PMI beat estimates, HSBC's chief economist said the report showed the first contraction in export orders in almost a year

Major European indices trade lower across the board. UK's FTSE -0.4%, France's CAC -0.4%, and Germany's DAX -0.2%. Elsewhere, Italy's MIB -0.8% and Spain's IBEX -0.2%.
Economic data was limited:
UK's BBA Mortgage Approvals came in at 36,400 (expected 36,200; previous 35,800)
French Consumer Confidence ticked up to 92 from 90 (expected 91)
Spain's PPI fell 2.8% year-over-year (previous -3.7%)
Among news of note:
Germany is expected to vote on the four-month loan extension for Greece tomorrow, but some members within Chancellor Merkel's coalition have voiced concerns over the proposal's perceived leniency

7:09 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -7.00.

7:09 am: [BRIEFING.COM] Nikkei...18,585.20...-18.30...-0.10%. Hang Seng...24,778.28...+28.20...+0.10%.

7:09 am: [BRIEFING.COM] FTSE...6,929.10...-20.50...-0.30%. DAX...11,196.40...-9.30...-0.10%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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